US-style vulture funds are making their presence felt in the European restructuring world, while Europe’s homegrown players are also becoming increasingly active.
Within days of UK-based cable company NTL running into the difficulties that culminated in its defaulting on $18 billion of bonds – most registered under New York law – a number of large US funds had already taken large positions.
It also emerged that the bondholders had appointed UBS Warburg to represent them in the firm’s recapitalization negotiations alongside two US law firms – Cadwalader, Wickersham&Taft in the UK and Fried, Frank, Harris, Shriver&Jacobson in the US.
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